OpenAI Prepares to Raise $30 Billion Ahead of Anthropic IPO

OpenAI aims to raise about $30 billion before the anticipated Anthropic listing in mid-November. Two sources told Reuters that the round could value OpenAI at more than $1.4 trillion. SoftBank, Abu Dhabi's MGX, and other existing investors are in talks to participate, according to one of the interlocutors.

In March, OpenAI was valued at $852 billion after a record $122 billion round; in September, preliminary talks with investors were reportedly around $1.2 trillion. The new target is approximately 64% higher than the March valuation. OpenAI points to accelerated growth following the launch of GPT-6 Astra and mentions $50 billion in annual revenue.

Meanwhile, Anthropic's valuation has decreased: investors discussed around $1.5 trillion instead of the requested $2 trillion after disappointing third-quarter results. According to this data, the gap between the labs is about $100 billion.

OpenAI wants to close the round before Anthropic's disclosure so that investors do not compare the two companies directly, said one of the sources. At the center of the comparison is revenue accounting: OpenAI deducts partner shares before booking revenue and accuses Anthropic of accounting for the full value of contracts sold through cloud providers. Anthropic claims to follow established accounting practices.

Both labs are vying for the same circle of investors: last week, OpenAI met with long-only funds and sovereign funds, while Anthropic held its investor day. According to Reuters, demand for shares of both companies remains high. Meanwhile, other players have retreated: Firmus, SB Energy, and AirTrunk REIT have suspended or withdrawn their listings this year. Against this backdrop, Anthropic could become the last major AI listing of 2026.

Anthropic is also under scrutiny: a weak debut could exacerbate losses in chip stocks, which have lost $2 trillion over 8 sessions. Anthropic's filing will give investors the first detailed public look at the finances of a leading AI lab. Whether OpenAI manages to close the round before this filing will largely determine how investors compare the two labs in 2027.